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Embedded Security Market 2017 - Global Forecast to 2023 - Inclusion of Payments Functionality in Wearables Will Demand Embedded Security in Wearables - Research and Markets

[November 30, 2017]

Embedded Security Market 2017 - Global Forecast to 2023 - Inclusion of Payments Functionality in Wearables Will Demand Embedded Security in Wearables - Research and Markets

The "Embedded Security Market - Global Forecast to 2023" report has been added to Research and Markets' offering.

The overall embedded security market is expected to be valued at USD 5.47 billion by 2023, growing at a CAGR of 5.9% between 2017 and 2023.

The major factors driving the growth of the embedded security market include growing IoT applications increasing the need for IoT security, inclusion of embedded security in wearables, and government agencies promoting digitization. Factors such as integration of embedded security in electric vehicles and need for integrated security solution for IIoT would offer great opportunities for the growth of the embedded security market.

The embedded security market for the secure element and embedded SIM is expected to account for the largest share by 2023, as secure element and embedded SIM finds its applications in a number of products such as smartphones, tablets, payments cards, and e-government documents. Payment cards and E-government expected to drive the growth of embedded security market for secure element and embedded SIM.

The embedded security market for wearables based on the application is expected to grow at the highest CAGR during the forecast period. This growth can be attributed t the fact that IoT is promoting a new era for payments companies and manufacturers to use wearables. The rapid expansion of the Internet of Things (IoT) offers an opportunity to facilitate payments into wearables, which, in turn, would boost the demand for embedded security in wearables.

Asia Pacific (APAC) is the largest market for embedded security because of China, which is a huge manufacturing hub for applications such as automotive and smartphones; these applications comprise a major share of the embedded security market.

Market Dynamics

Drivers

Growing IoT Applications Would Increase the Need for IoT Security
Inclusion of Payments Functionality in Wearables Will Demand Embedded Security in Wearables
Government Agencies Promoting Digitization

Restraints